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Russian light-vehicle sales rise over 17 percent in April
The Russian light-vehicle market continued on a strong trend in April but there might be some turbulence ahead as ruble weakness threatens to hit prices
- Implications: The Russian light-vehicle market posted a 17.6% y/y increase in sales during April to 152,465 units, according to the latest data compiled by the Association of European Businesses.
- Outlook: The result was another robust increase in the Russian light vehicle market as it continued its recovery, although there is evidence that the weakening of the rouble is causing something of a pull-forward effect on sales
IHS Markit perspective
The Russian light-vehicle market posted yet another strong result in April with a 17.6% year-on-year (y/y) increase during the month to 152,425 units, according to the latest data set from the Association of European Businesses (AEB). This helped propel the year to-date (YTD) sales tally for the first third of the year to 545,345 units, which was an increase of 20.5% y/y. However, according to Joerg Schreiber, the Chairman of the AEB Automobile Manufacturers' Committee there are signs that the current uptick may slow in the coming weeks and months. Of the market's strong April performance he said, "A strong month for the Russian car market, repeating last year's double digit gain in sales volume. Consumer appetite remains robust, supported by a growing choice of new products offered at attractive prices. The noticeable weakening of the Ruble exchange rate in recent weeks has been an extraordinary factor motivating customers to accelerate the purchase of a new car in anticipation of potential price increases. New vehicle orders have spiked as a result, and will continue to materialize as extra good news in the sales statistics in the short term." IHS Markit current full-year forecast sees a 15.9% y/y increase to 1.85 million units.
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The above article is an excerpt from AutoIntelligence Daily by IHS Markit. AutoIntelligence Daily provides same-day analysis of automotive news, events and trends. Get a free trial and read the full article.
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